Infosys posted better than expected results for 1QFY2018, mainly driven by better than expected volume growth during the quarter. On sales front, the company posted a 3.2% sequential growth in USD revenues to US$2,651mn v/s. US$2,657mn expected, mostly volume lead. In constant currency (CC) terms, the company posted a 2.6% qoq growth. EBIT margin came in at 24.1% v/s. 23.6% expected, a qoq dip of 50bps. Consequently, Adj. PAT came in at `3,534cr v/s. `3,443cr expected, de-growth of 1.9% qoq. For FY2018, the company has kept the guidance of 6.5-8.5% CC growth and EBIT margin guidance of 23-25%. We maintain our Buy rating on the stock with a target price of `1,179.
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